Member-Owner Drive
Thursday, September 16th, 6pm-8pm
We will be hosting our founding Member-Owner Drive! This event will be the first opportunity for people to become Member-owners. Member-owners are the only people that can purchase access passes to the gym. At the event expect a detailed cost breakdown, schedule, and a question and answer session.
Our Action Plan:
Our plan to raise funding for the build-out and additional cost is: Member-owner dues, Member-owner loans and an access pass presale. Member-owner dues and loans will pay for the initial wall, while access passes will pay for floor pads, holds, and remaining build out costs. More details on costs will be discussed at the event.
What is a Member-Owner?
Being a member-owner is a one-time financial investment in the business. Member-owners are the voice of our co-op direction; as such, they will be able to vote, determine direction of facility investments, board member openings, community event requests, route setting etc. Member-owners will have the ability to review monthly financial reports. Access passes will only be available to member-owners - presale date to be announced. Member-owner dues are $50.
Member Loans:
To enter into an member loan with DCFC the following details will be agreed upon in a promissory note outlining the legal obligations for both parties:
- Loan amount
- Payback time line
- Interest rate
Our goal for build out, and ultimately operating, is to be funded entirely by our community. This ensures that there is no one voice louder than yours/our communities. Many of you have approached us with a desire to financially support build out costs. Interested parties will be able to invest in member loans on the 16th. Any questions regarding member owner loans can be addressed to climb@duluthclimbingandfitness.com. See the member loan process and promissory note below. The promissory note is a legal document securing loan and payment structure.